Performance and Termination Contract in Indiana

Damian enters a contract to sell his home to Lori, who puts down a $5,500 earnest money deposit. This is an example of

Accepting liquidated damages

Megan finds herself in a breach of contract situation. While the other party met some of their obligations, some were not met. Megan thinks it would cost a lot of time and money to sue the other party. Thus, she decides to accept the work that has been done and call it good. This is an example of

Accepting partial performance

Tristan's offer has been signed by all parties and delivered back to the seller. This means that___has occurred.

Binding acceptance

Mary has a dilemma. She has a contract to buy her mother's house when her mother is finally ready to move to a senior living community. But now Mary has to move because of work, and no longer wants to buy the house. With agreement from their mother, her sister Tina steps in to replace Mary. They write up a new contract, with the only change being that Tina is now the party to the contract rather than Mary. This is an example of

Novation

Rescission, suit for specific performance, liquidated damages, and acceptance of partial performance are all

Options a wronged party has to remedy a breach of contract

If a seller is in breach of contract, which of the following is the possible remedy for the buyer?

The buyer could sue the seller for specific performance

Bryce is tired of waiting for his subcontractor to get his part of the deal done. The agreed-upon deadlines have come and gone, and Bryce is losing money waiting for the subcontractor to meet his obligations. If the subcontractor isn't going to honor his commitments, neither is Bryce. He decides to consult with his attorney and then terminate the contract. This is an example of__.

Rescinding the contract unilaterally

Many real estate contract contain the phrase,____, reminding the parties to avoid unnecessary delays to the transaction and to adhere to all contract dates

Time is of the essence